Thursday, May 19, 2005
5/19/05 Star Wars
Revenge of the Sith comes out today. Just noting that for historical purposes.
Today, I started out short and covered. Went short near the top of the 3rd impulse wave and covered to get back to breakeven.
Today there have been 3 impulse waves but the B retracements have been very large as well. This denotes weakness because in the last 2 days the pullbacks were basically horizontal. Today the pullbacks are almost the lenght of the A impulse. I should be able to fade this on the upside at least and to a lessor extent to the downside.
Remember the article regarding ABC waves that I read 2 days ago? Well, it was staring me right in the face but I didn't see it until Rockstar clued me in! Thanks Rock!
Trader X.
Today, I started out short and covered. Went short near the top of the 3rd impulse wave and covered to get back to breakeven.
Today there have been 3 impulse waves but the B retracements have been very large as well. This denotes weakness because in the last 2 days the pullbacks were basically horizontal. Today the pullbacks are almost the lenght of the A impulse. I should be able to fade this on the upside at least and to a lessor extent to the downside.
Remember the article regarding ABC waves that I read 2 days ago? Well, it was staring me right in the face but I didn't see it until Rockstar clued me in! Thanks Rock!
Trader X.
